Hearing about Buzzfeed News closing down today came as a shock to me. I still remember the popularity of all the Buzzfeed posts on my Facebook page when I was still in med school 10+ years ago. However, this goes to show that no matter how successful at one point, mismanagement and failure to adapt to the latest trends, can be a prime cause for downfall.
Here are five lessons that I think we can learn from Buzzfeed’s closing down part of its operations and downsizing. We will also explore how we can apply these lessons to healthcare companies and even your own private practice.
Diversify revenue streams
Buzzfeed relied solely on online advertising for its revenue, and this proved to be a risky business model. Although Buzzfeed became famous as the place to go for its ‘listicle’ articles, it appears that there was little diversification in terms of sponsors. All companies should explore various revenue streams, rather than just focusing on one type of income, no matter how successful this may be at one point.
Healthcare companies and private practices in general should explore multiple sources of revenue to ensure financial stability. This could include offering a broader range of services, partnering with other healthcare providers, or venturing into e-commerce, for example selling DTC (Direct To Consumer) products. Essentially,
With services like Shopify it is now easier than ever to launch a website and start selling your own products or services online. At Noble Medical we can also help you build your own website and brand.
Adapt to changing market dynamics
The online advertising landscape is constantly evolving. From new social media platforms to new online behavioural models and various trends, there is a continuously high pace of change. To stay competitive, all companies need to be lean, agile, and ready to adapt to these changes, whether it’s embracing new ad formats, targeting strategies, or distribution channels.
The healthcare industry is also constantly evolving, with new technologies, regulations, and patient expectations. Companies like Doctify are now the equivalent of Trust Pilot for doctors and this can help it become a seal of trust for your own private practice and personal brand. You must be agile and ready to adapt to changes by adopting new practices, upgrading your technology, and staying informed about industry trends.
Another example is the emerging trend of AI. How can you apply this in your own industry or private practice?
Focus on high-quality content
As the digital space becomes increasingly saturated with content, there will become more of an emphasis on quality over quantity. You can stand out by delivering unique, informative, and engaging content pieces. Although Buzzfeed was very popular in its infancy with its ‘list articles’ and slideshows, it appears that the business model never really evolved with the times.
As a healthcare provider, high-quality care will always make you stand out in front of competitors. Patients will always value high-quality care. This includes staying up-to-date with the latest medical advancements, continuously improving patient experiences, and adhering to the highest ethical standards.
Are you up to date with the latest studies in your area of expertise?
Invest in audience engagement
As social media platforms and organic search are becoming increasingly crowded, it has become more difficult for content to reach your followers organically. Therefore, companies like Facebook are really pushing Facebook ads forward to help you place your content in front of your competitors.
Perhaps more than ever, the chance of a piece of content going viral, has greatly dropped. If you have never used pay per click ads or social media advertising for your healthcare company, perhaps it would be a great time to start. Understanding and catering to your target audience is essential for any company.
For a healthcare company, this means gaining insights into patient behavior, engaging with patients through social media, and creating personalized care plans for example. A strong focus on patient engagement can lead to improved patient satisfaction and retention. This is also where brand building comes in, as loyal customers will keep coming back as long as you show them that they are valued.
Be prepared for change
Healthcare providers should always be prepared for unexpected challenges, such as changes in regulations, public health crises, or industry disruptions. You never know what could be coming next; for this reason, the importance of diversification is doubly important.
Having contingency plans in place, like adopting cost-saving measures or expanding services, can help healthcare companies navigate through difficult times and ensure long-term success.